One of the most popular Shariah compliant mobile payment apps in Indonesia has forayed into the crowdfunding realm, signaling an expanding business model and reflecting a more conducive fintech environment as well as the mobilization of fintech for social inclusion.
Paytren, founded by well-known Muslim preacher Ustaz Yusuf Mansur and Hari Prabowo, has partnered with Singapore-based Islamic crowdfunding platform developer Ethis Ventures to launch a donation-based crowdfunding platform known as Sadaqah Crowdfunding.
“The role of Islamic social financing in connecting potential donors with humanitarian issues would considerably enhance the resilience and adaptive capacity-building for communities at risk,” noted the new crowdfunder, adding that Zakat alone has massive potential to eradicate poverty and alleviate the well-being of the needy.
Sadaqah Crowdfunding will connect donors to specific development projects across four main areas: village infrastructure, religious education, agriculture and natural disasters. The platform also allows donors to donate fertilizers or animal food to farmers and ranchers with limited capital.
Paytren leveraging the growing influence of crowdfunding is but one of the many initiatives the payment app has undertaken in recent months. The company, with over one million registered users, recently integrated a QR code into its system and is understood to be in the midst of securing Shariah compliance certification by Indonesia’s Ulama Council, expected by the end of July.